Insurance Dept. Approves 7.6% Rate Reduction for 2019

The Indiana Department of Insurance has approved a 5.6% loss-cost reduction and an overall rate level decrease of 7.6%, which will take effect Jan. 1. The rate decrease follows last year's reduction of 12.8%. Over the last 30 years, Indiana has seen something of a roller-coaster ride on workers' compensation rates, the Indiana Compensation Rating Bureau said in a circular. In the 1990s, rates rose almost 36%, followed by a 7% decrease in the 2000s and a 29% drop since then. For manufacturing, the rate change for 2019 is expected to be about 7.6% on average. For the contracting busin...